OPENING- OF THE POLITICAL CAMPAIGN.

Hawera & Normanby Star, Volume IX, Issue 1533, 24 January 1887, Page 2

OPENING- OF THE POLITICAL CAMPAIGN.

The Premier is to address his constituents at Dunedin East to-morrow evening ; his address will, we presume, be replied to by the Opposition; and so the political campaign for 1887 will have been fairly opened. It may naturally be expected that the Premier will expound the policy of the Government, in order to give the party a lead for the coming struggle at the hustings, but people who ought to know say that, as Ministers have been "on the wing " ever since the House rose, there cannot yet have been an agreement as to policy. There is no doubt that the Premier could readily lay down a platform which would " astonish the natives," and, as Sir Robert Stout, would be only too happy to oblige. B tit he is not, we take it, going to express the mere personal sentiments of Sir Robert Stout ; he will speak, we presume, as the head of the Government, aud that is quite a different matter, not only to the hon. gentleman himself but to the people of the colony. The Premier's task is made more difficnlt by reason of the "wretched" past. Happy is the Ministry which has no history, no unfulfilled promises and unrealised expectations to explain. "Whatever the Premier may have to say as reasons why he should be retained in office, we are sure that if he will not 'boldly swallow the l^ek, he will at any rate by implication have to unsay a great deal that was advanced as reasons why the gentlemen who compose his Government should be elevated to office. Prosperity has not come by leaps and bounds, taxation has not been reduced, local bodies have not been given an assured finance, public works have not been pushed on with vigor, the mining industry has not been revived, the cost of education has no', been reduced, the railways have not been so managed as to give better results as well as greater satisfaction to the public, and lots of other things that were to come of the peculiar alliance of liberals and tories represented by the StoutVogei Government have not eventuated. We are not complaining because Ministers have failed to carry out their promises. We never expected that they could carry them out. The fact was that Sir Julius Vogcl, who, whatever lie may be now, certainly was then the leading spirit in the combination, had not grasped the position of the colony. But when past performances fall so very short of promises future promises must of course be considerably discounted, aud this the Premier must feel to be one of his difficulties when he stands forth to sketch out a policy on which to fight the general election. However, we are free to confess that as t?'c Premier's influence in the Cabinet in relation to practical questions has grown and strengthened the policy and proceedings o£ the Government have become more sound, and we believe that his influence is likely to continue in the ascendancy. There is comfort in that fact. As a speculation on the coming speech, we expect that tomorrow evening the Premier will make cautious finance an important plank in his platform ; and we shall expect to find proposals for increased taxation made under the guise of protection to local industries (a splendid cry for the elections by the way), and decentialisation of government in the way of throwing more burdens on localities. Prudence in borrowing cannot be objected to — in fact it is an absolute necessity. It is quite evident now that tbe burden of interest cannot with any safety be increased for the sake of what may be termed specula-

tive public works ; and care is also needed in order that the colony's credit may be so restored that we may borrow on reasonable terms what is required for works that must be carried on. A comparison between the last New Zealand loan and the Victorian loan floated last week is very unsatisfactory from our point of view. New Zealand wanted a million and a half at 4 per cent., fixed the minimum at 97, and narrowly escaped failure to get the money on those terms Victoria desirod three millions at 4 per cent , confidently fixed the minimum at 102, and was offered ten millions. Tenders at ,£lO2 19s receive 60 per cent, allotment; those above tbat receive in full. So that Victoriau =£100 bonds are worth in the estimation of the home moneylenders £6 or £7 more than similar bonds issued by the New Zealand Government. Tbis is a nasty slap iv the face for New Zealand, and the cruellest part of it is that there is not the slightest real .reason for this difference in value, in so far as certainty of punctual payment of interest and principal is concerned. The depreciation of our stock is, we suppose, caused by the suspicion with which the capitalist views our financial ways. A year or two of strict economy, in which we should show the capitalist that unless he is disposed to part with his money on reasonable terms we will not borrow, would naturally help to increase the value o£ the stock. This is a point to which the Queen's Government in this colony, no matter what party may be in power, must turn its attentiou ; and we expect to hear something from the Premier on the subject. In regard to protection, that is merely a ciy for covering up schemes for screwing more money out of the Customs revenue. Already the ruling rate of duty seems to be 15 per cent., and if for protectionist purposes it is to be increased in certain items it should be reduced on others if there is any truth in the statement that the tariff is to be adjusted on political lines. There are hundreds of articles taxed, which, though in daily use, can never be manufactured in the colony, which, according to protectionist theory, should be admitted almost free ; but the taxation on these will we venture to say be maintained, siuip'y because the Colonial Treasurer cannot afford to lose the revenue accruing from this source. As to ihe transfer of charges from the General Government to localities, that would be a capital thing provided that at the' same time thero was a corresponding remission of general taxation, but hitherto the Central Government has been getting rid of certain expenditure but has demanded all the same the revenue which previously was applied to meeting that expenditure. We do not want any further transfer of charges on that basis. These we believe will be the principal subjects to be approached by the Premier, and we await his speech with considerable interest.